Salt Lake City is making moves to establish itself as a fintech hub with the opening of the Stena Center for Financial Technology at the University of Utah, according to the WSJ. The multimillion-dollar education center aims to produce a new wave of employees equipped to work in the rapidly expanding fintech industry.
The Stena Center offers a range of courses, including a minor in fintech. Students also can learn from industry experts through company visits to the campus. Starting January, the center will further support aspiring fintech entrepreneurs by providing venture capital, office space, and valuable advice from seasoned fintech executives—essentially functioning as an incubator for students and recent graduates seeking to launch their own fintech companies. The end goal is to make Salt Lake City a fintech hub—similar to how Boston is a biotech hub and how San Francisco has become the epicenter of the tech industry.
Building a Base
A growing number of fintech companies have put down roots in Salt Lake City, including Brex, Plaid, and SoFi. These companies join well-established financial institutions such as Goldman Sachs and Visa. While cities like Atlanta and Charlotte are already regional financial centers with fintech ambitions, Salt Lake City’s appeal lies in its lower costs and a burgeoning talent pool, fueled by graduates from nearby universities.
Through the investment of the Stena Center, Salt Lake City is encouraging not only the launch of new fintech startup firms to help position the city as a hub for innovation and technology, but it’s also signaling its position to established companies who may be looking to expand their locations and establish a physical footing elsewhere. Salt Lake City Mayor Erin Mendenhall has been actively working on creating an innovation district downtown that will attract both biotech and fintech companies and has changed land-use laws to facilitate the establishment of R&D centers and lab spaces, according to the WSJ.
As competition among cities and states to become fintech hubs intensifies, Salt Lake City’s investment in fintech education, coupled with its favorable business environment and growing talent pool, positions it as a formidable contender. The Stena Center’s multifaceted approach, combining education, industry collaboration, and incubation, promises to produce a new generation of fintech professionals ready to lead the sector’s growth in Utah.
